Satellite-radio giant says it will make a one-time payment to SoundExchange, a not-for-profit offshoot of the Recording Industry Association of America

Sirius XM Radio Inc. has agreed to pay $150 million to SoundExchange Inc. to settle lawsuits alleging that the satellite-radio giant underpaid royalties for recordings.

The Sirius XM Holdings Inc. subsidiary said it would make a one-time payment to SoundExchange, a not-for-profit offshoot of the Recording Industry Association of America, on or before July 7, according to a Monday filing with the Securities and Exchange Commission. The settlement resolves claims for recordings from Jan. 1, 2007, to Dec. 31, 2017, Sirius said.